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Experts: The path of development is stimulating and attractive to global investment companies

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Experts: The path of development is stimulating and attractive to global investment companies

Economical 2023/07/18
Baghdad: Shukran Al-Fatlawi

Experts and interested parties unanimously agree that the completion of the initial stages of the development road,

which is being worked on in its first section,

which extends from the city of Al-Faw in Basra to the city of Nasiriyah,

represents a catalyst and an important initial step that will be followed by subsequent stages to transfer the country's economy to a new and diversified stage. And sustainable,

stressing the importance of that path in attracting international investment companies operating in various fields.

Iraq announced a land and railway project connecting the Gulf to the Turkish border, through which it aspires to be a main route for transporting goods between the Middle East and Europe, while

a spokesman for the Ministry of Transport, Shatha Radi, confirmed to the Iraqi News Agency (INA), that

"the steps The first to complete the development path has actually started, and a headquarters for the project has been established at the global station of the General Company for Iraqi Railways. And the

Prime Minister, Muhammad Shayaa Al-Sudani, stressed that

"the government is moving towards the completion of the development path project, as it includes large economic revenues for Iraq, and the creation of job opportunities and sustainable development, whose benefits extend throughout the region, in a way that enhances facing regional and international economic challenges."

Economist Dr. Nabil Al-Marsoumi considered, in an interview with Al-Sabah,

the development path as a catalyst for Arab and foreign companies to enter into large investments in this vital project if its prepared stages are completed and its basic pillars are implemented.  Al-Marsoumi added that

the road extends for more than 1,200 kilometers and connects Al-Faw with Faysh Khabour, Turkey, and then to Europe, at a cost of "phase one" of $17 billion, spanning five years with two land lines, one for trucks and the other for railways to transport goods and passengers.  Al-Marsoumi indicated that

the road is still in the preliminary design stages, as the Railways Directorate in Iraq received the designs of the first section, which extends from Al-Faw to Al-Nasiriyah, pointing out that there are teams working along the road extending from Al-Faw to the Turkish Fishkhabour, with soil investigations, as it will link the east with the west of Through Iraq, to become an important commercial link,

to be followed by subsequent stages by establishing cities, industrial and commercial complexes, and electric power stations on both sides of the road.

This will be completed in the second and third stages, which extend until 2050.

Emad Al-Muhammadawi, who is interested in economic affairs, explained to “Al-Sabah” that

the development road, which the concerned companies have finished preparing for implementation, will contribute to transforming the country’s rentier and oil-dependent economy into a diversified economy full of investment projects, in addition to the eagerness of many countries in the world to enter in all fields,

hoping To start working on it on the ground, to complete the preparation stage, and to take the necessary measures in this regard.  

A spokesman for the Iraqi government, Basem Al-Awadi, confirmed that Turkish President Recep Tayyip Erdogan is enthusiastic about the development road project, and neither Ankara nor any country imposed conditions for entering it, pointing to the completion of the design of the first section of the land road.  Al-Awadi revealed,

"The signing of the land road and railway design contract between the Ministry of Transport and the Italian consulting company has reached its final stages, and the company has completed the design of the first section of the land road that extends from the city of Al-Faw in Basra to the city of Nasiriyah, and work is in progress to sign the final contract with the company."  He stressed,

"The arrival of dozens of bids from local and foreign companies and countries that have expressed their desire to participate in the implementation of the development path, and the Supreme Committee supervising this project will take important initial decisions this week."

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